Master The Novation Buy Formula (Earn BIGGER Profits) Part 3

Рет қаралды 4,004

5 ай бұрын

If you wholesale houses, novations are a must-learn strategy. Join Jerry Norton and Rich Wonders on this special masterclass series. On this part 3 video - learn how to comp properties and determine your buy price to make bigger profits than traditional wholesaling.
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Пікірлер: 34

@FlippingMastery 5 ай бұрын

FREE Novation Kit: novationkit.com *Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com

@starwarswannabes285 4 ай бұрын

You mention that this might not be for new investors and I am ok with that, but please help me to understand something. I am still trying to figure out why someone would use an investor in this scenario of a home that you are not going to renovate, and are just going to list at below what they would get if they listed it themselves with a realtor. What value are you bringing them? Is it because of repairs, as opposed to renovations that they can’t afford? If so, then you didn’t mention factoring that into the offer. Whether someone got divorced, someone passed away, lost a job or whatever the reason they need to sell, you must bring some value to them that a realtor doesn’t for them to need your help. Unless you are just offering to be a cash buyer to help them move it quicker, but then where is the novation? I thought novation was where you take over a position in a contract?

@circa33 5 ай бұрын

great video. I'll say this...Rich's team has been AMAZING with communication on leads. I've always asked "WHO, not HOW". There are a lot of moving parts with this strategy so I'm digging that his team is JVing with me. By the way, great integrity with how they work with the seller.

@FlippingMastery 5 ай бұрын

@novationking is first class!

@CashFlowCarson 5 ай бұрын

This is awesome stuff jerry!! Just got my first two deals because of agent outreach. I’m happy to use another tool here when I speak with sellers directly.

@ajrose1245 5 ай бұрын

Im loving this content!!🔥🔥🔥💪🏾💪🏾

@joeralphs9157 4 ай бұрын

I'm ready to JV A deal I have right now!! I HAVE A GREAT one

@MattBuysHouse 4 ай бұрын

its good content, thank you, I have not wrapped my mind around contracting this into reality with a seller yet. I picked up how to contract a wholesale in 48 hours. and I execute them often, and Im fairly advanced. As of now, for a novation, I am seeing atleast three separate contract parts with the seller to sign, maybe or maybe not a mobile notary, and POA, maybe filing a memorandum. There seems too many steps. Everyone and their mother in the investor world is saying they are doing novations and I dont think this is the truth at all.

@joeralphs9157 4 ай бұрын

I'm a big fan and subscriber of Jerry's however all the way up to part 3 and we're not learning anything about the nuts and bolts of how we actually get paid.

@johngleue 3 ай бұрын

You get paid by buying at a discount. They say it all the time.

@funwithalex5731 5 ай бұрын

Amazing content Jerry I love these educational playlists!!! I learn so much! Question, can you do novations with on market if the property is already listed with an agent?

@FlippingMastery 5 ай бұрын

No you can’t

@funwithalex5731 5 ай бұрын

Got it! Thank you for getting back to me Jerry. Always appreciate your videos and help!

@LaShantellWilliams 2 ай бұрын

How do you factor in any renovations or small fixes into the formula if that is the case?

@B.Goodwyn 5 ай бұрын

I'm definitely familiar with and interested in executing novation's more often, but a concern i have is the formula doesn't account for repairs or the possibility of an existing mortgage, or maybe I am just missing something. Love the content though.

@Justin_Truax 3 ай бұрын

Novation Formula ☔️: Current market value (CMV) - 10% of CMV - 40k (profit)

@FlippingMastery 3 ай бұрын

That’s it!

@ajrose1245 5 ай бұрын

Hey Jerry, for some reason the Novation Kit isn't going to my email address. Is there another way for me to get it?

@FlippingMastery 5 ай бұрын

*Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com

@zackharkey5796 5 ай бұрын

Great Video Jerry. I have a video request. I think it would be very helpful to me and others in my boat if you made a video of yourself directly calling Hard Money Lenders to get a POF letter from them. Getting a good POF that agents trust has been something that I have been struggling with.

@FlippingMastery 5 ай бұрын

With a pro or prime level subscription to flipster, you get unlimited custom proof of funds letters for as many offers as you want. To learn more go to: Getflipster.com

@joeralphs9157 4 ай бұрын

Exactly how do you get paid

@novationking 4 ай бұрын

You get paid on the settlement statement as an invoice payoff

@novationking 4 ай бұрын

You get the difference between the 3rd party purchasers contract price and your novation price after paying realtors and closing costs

@therealestatedasher1513 5 ай бұрын

Rich Bro, I’m in real estate in okc & I do novation deals. No rules against assigning or especially double closing.

@therealestatedasher1513 5 ай бұрын

The 2nd video I seen my guy say something that’s not accurate about Oklahoma.

@novationking 5 ай бұрын

Disclaimer, I'm not an attorney, but Under 53 Oklahoma Statute Section 858-301, anyone who “publicly markets for sale an equitable interest in a contract” is deemed to be acting as a real estate licensee. Before closing, the wholesaler owns nothing but contractual rights. These contractual rights are referred to as “an equitable interest in a contract” in the Wholesaler Act. Wholesalers who are Selling the Contract without a license are violating the Wholesaler Act because all they own is an “equitable interest in the contract.” This “equitable interest” is the only thing they can possibly market for public sale, placing them squarely within the danger zone of the Wholesaler Act.

@novationking 5 ай бұрын

btw ill be in Oklahoma City March 23rd speaking on stage for the Evolve event by Verified Flippers. Hope to see you out there and chop it up!

@therealestatedasher1513 5 ай бұрын

@@novationking Absolutely! I’m already knowing. My guy Tez event!

@therealestatedasher1513 5 ай бұрын

@@novationking I know about this law bro. You can’t publicly market your contract. Some title companies won’t let you assign a contract if it’s passed 5k so you have to double close on it.